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Elastic goods usually have many substitutes, so changes in price will decrease demand. Inelastic goods, on the other hand, have very few substitutes, so demand isn't generally affected by price change.
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CoachElastic refers to a situation where the quantity demanded or supplied changes significantly in response to a change in price. Inelastic refers to a situation where the quantity demanded or supplied changes minimally in response to a change in price. A good with elastic demand or supply is more responsive to price changes compared to a good with inelastic demand or supply.
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What is the difference between an inelastic collision and an elastic collision?
In an inelastic collision, kinetic energy is not conserved and some energy is lost as heat or sound. In an elastic collision, kinetic energy is conserved and no energy is lost.
What is the difference between a perfectly elastic and a perfectly inelastic demand curve in economics?
A perfectly elastic demand curve means that the quantity demanded changes infinitely with a change in price, while a perfectly inelastic demand curve means that the quantity demanded remains constant regardless of price changes.
What is elastic and inelastic collisions in terms of momentum?
In elastic collisions, both momentum and kinetic energy are conserved. This means that momentum before and after the collision is the same, and the objects bounce off each other without any loss of kinetic energy. In inelastic collisions, momentum is conserved but kinetic energy is not. Some kinetic energy is converted into other forms of energy, such as heat or sound, during the collision.
What is the difference between elastic and inelastic collisions?
Elastic Collision is the collision in which colliding objects rebound without lasting deformation or heat generation.Inelastic collision is a collision in which the colliding objects become distorted and generate heat during collision and possibly stick together.
How can you determine whether a collision is elastic or inelastic?
In an elastic collision, kinetic energy is conserved, meaning the total energy before and after the collision remains the same. In an inelastic collision, kinetic energy is not conserved, and some of the energy is transformed into other forms, such as heat or sound. To determine whether a collision is elastic or inelastic, you can calculate the total kinetic energy before and after the collision. If the total kinetic energy remains the same, it is an elastic collision. If the total kinetic energy decreases, it is an inelastic collision.
